⚙️ Analysis of Large-Scale AI Substrate Investment and Entry into Physical AI Value Chain - 2026.06.10

Hello, LG Innotek fans. This is Dotori, pointing out the context of the industry. According to systematic analysis, the recent market flow is undergoing significant structural changes.

📚 Macro Perspective: Shift in AI Infrastructure Bottleneck and the Rise of Physical AI

Looking at the big picture of the industry, the supply shortage phenomenon that previously occurred in High Bandwidth Memory (HBM) is now shifting to semiconductor substrates ^[2]. It is observed that global big tech companies are volunteering financial support, such as upfront payments or guaranteed operating profit margins, to secure a stable supply ^[1]. Along with this, as artificial intelligence moves from virtual space into the real world, entering the era of 'Physical AI', the importance of robotics and autonomous driving is emerging ^[3]. As a result, the restructuring of the entire hardware infrastructure value chain is accelerating.

🏭 Micro Perspective: LG Innotek's Structural Response and Business Expansion

Amidst this macroeconomic flow, LG Innotek plans to invest over 2 trillion won by the end of next year in its Gumi and Vietnam Haiphong production bases to expand manufacturing facilities for AI server FC-BGA and FC-CSP substrates ^[1]. According to analysis in securities reports, the company's FC-BGA revenue is expected to grow at an annual average rate of 200% over the next four years ^[3].

Due to this, expansion into the robotics field is also materializing. Through cooperation with Nvidia, it is solidifying its position within the physical AI ecosystem by joining the supply chain for high-performance sensing modules and optical components that act as the eyes of robots ^[4]. Recently, it signed a Memorandum of Understanding (MOU) with Sungho Electronics for 'Optical Connection' technology cooperation, thereby strengthening next-generation technological capabilities to resolve AI data processing bottlenecks ^[5].

For reference, the stock price closed at 1,090,000 won today (June 10), down 4.13% from the previous day ^[6]. However, foreign investors recorded net purchases of 36.94 billion won, showing a positive buying trend ^[7].

⚙️ Value Chain Differential Benefit Analysis

Synthesizing the industry's big picture and corporate trends, I judge that the following 1st/2nd/3rd priority differential benefits in the value chain are valid.

• 1st Priority: High-end AI semiconductor substrates (FC-BGA, FC-CSP) sector. Direct financial support and long-term supply contract discussions with big tech clients are underway, so the most immediate and structural growth is expected ^[2].
• 2nd Priority: High-performance sensing and optical modules for Physical AI. By supplying components optimized for Nvidia's architecture, new downstream markets for robotics and mobility beyond smartphones are opening up ^[4].
• 3rd Priority: Next-generation optical connection and Co-Packaged Optics (CPO) related components sector. Through proactive technological verification, such as cooperation with Sungho Electronics, it can respond to the mid-to-long-term increase in AI data center demand ^[5].

Therefore, as the restructuring of the substrate supply chain and the blossoming of the robotics market intertwine, the company's business portfolio is diversifying. Dotori sees that this structural improvement will serve as an opportunity to structurally elevate the company's fundamentals to the next level.

📰 Reference News (7)

1

What's Next After Memory?

네이버뉴스 · 2026.06.10

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2

Substrate Shortage Follows HBM and Memory... Big Tech: 'We'll Fund You, Just Give Us Supply'

네이버뉴스 · 2026.06.10

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3

"SK Telecom Partners with Nvidia

네이버뉴스 · 2026.06.10

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4

Nvidia-LG 'AI Factory' Alliance... Expanding to Robotics, Data Centers, and Mobility

네이버뉴스 · 2026.06.09

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5

Securing Jensen Huang's 'Path of Light'... Sungho Electronics Signs 'Optical Interconnect' MOU with LG Innotek - Nate

네이트 · 2026.06.09

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6

[Seoul Data Lab] Top 20 Most Searched Stocks Right After Market Close

네이버뉴스 · 2026.06.10

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7

[KOSPI Foreigners] Selling Samsung Electronics & SK Hynix, Buying LG Innotek & Foosung... A Shift in Investment Strategy?

네이버뉴스 · 2026.06.10

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